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Quick Claim Deed

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L

lindap

Guest
I am selling 1/2 of a vacation house to a friend. I thought I could just sign a quick claim deed to her and she would pay me the agreed amount. But, now she tells me we have to have an escrow and I will have to pay fees. Is this correct?
 


HomeGuru

Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by lindap:
I am selling 1/2 of a vacation house to a friend. I thought I could just sign a quick claim deed to her and she would pay me the agreed amount. But, now she tells me we have to have an escrow and I will have to pay fees. Is this correct?<HR></BLOCKQUOTE>

Yes, that is the most prudent way to go. Otherwise how would she know if the property has clear title, exisitng mortgage and any due on sale clause or qualification/assumability of new buyer, any liens, what will the prorations be, any special assessments, what size is the house and the land, any encroachments or easements on the land, will she be able to get title insurance, who is to pay what amount for real property taxes, any utility bills, do either you or she have any tax liens filed against you or her, will there be a survey, if there is an existing mortgage who is going to pay it and how much, will there be a seller disclosure statement and what is the law with respect to disclosure on a sale of half ownership in the property, what is the zoning and does the zoning allow a vacation home, will there be a home inspection, what is the condition of the roof, foundation, structure, electrical and plumbing sysytems, HVAC etc., any soil and/or drainage problems, is the home built to code, what is the age of the home and is there any possibility of environmental hazards ie. lead-based paint, asbestos, radon etc., is there insurance covering the property, who will review the form of the deed to make sure it is legal, how will the deed be recorded and who is going to record it, how will title be held ie. joint tenants or tenants in common................These are some of the questions as to the purchase. There will be additional questions on ownership such as division of income/expenses, tax status reporting and filing, partnership tax returns or indivdual 1040, etc....................
 

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